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Bancroft Fund Ltd. Announces Earnings and Financial Update
EARNINGS REPORT Three Months Ended Six Months Ended
April 30 April 30
2008 2007 2008 2007
------------ ------------ ------------ ------------
Net Income $994,000 $1,046,000 $2,271,000 $2,338,000
Per Share $0.19 $0.18 $0.44 $0.41
Shares Outstanding 5,189,875 5,733,016 5,189,875 5,733,016
Total Net Assets $107,390,000 $133,393,000 $107,390,000 $133,393,000
Net Asset Value
Per Share $20.69 $23.27 $20.69 $23.27
FUND STATISTICS TOP TEN HOLDINGS
by underlying % of
common stock Net Assets
Market value $18.48 Prudential Financial, Inc. 3.6
Net asset value (NAV) $20.69 Chesapeake Energy Corp. 3.3
Premium/(Discount) (10.68)% Freeport-McMoRan Copper
& Gold Inc. 3.0
Total Net Assets $107,390,000 Companhia Vale do Rio Doce 2.7
12-Month income New York Community
distribution $0.796 Bancorp, Inc. 2.7
Yield on market value 4.31% LSB Industries, Inc. 2.6
Ratio of expenses 1.26%* LSI Corp. 2.5
Ratio of net income 3.62%* St. Jude Medical, Inc. 2.4
Portfolio turnover 23.93% The Walt Disney Company 2.4
Shares outstanding 5,189,875 Wyeth 2.4
* Annualized
MAJOR INDUSTRY
EXPOSURE % of Net Assets MOODY'S PORTFOLIO RATINGS
(From S&P when Moody's is unavailable)
Energy 15.4
Pharmaceuticals 10.8 % of Portfolio
Insurance 8.8 Aa 8
Semiconductors 6.8 A 16
Telecommunications 6.5 Baa 15
Computer Hardware 6.0 Ba 3
Minerals and Mining 5.8 B 22
Health Care 5.4 Caa 4
Consumer Goods 5.1 NR 31
Banking/Savings and Loan 4.7
ASSET ALLOCATION % of Net Assets
Convertible Bonds & Notes 58.1
Corporate Bonds and Notes 1.1
Convertible Preferred Stock 10.3
Mandatory Convertibles 28.8
Other Assets 1.7
Data is unaudited and as of April 30, 2008. This selected information should be read in conjunction with the financial statements and notes included in the Company's Annual Report to Shareholders for the twelve months ended October 31, 2008.
Detailed portfolio information is available on our website (www.bancroftfund.com). Contact us by email at info@bancroftfund.com or call us at (973) 631-1177.
Bancroft Fund Ltd. operates as a closed-end, diversified management investment company and invests primarily in convertible securities, with the objectives of providing income and the potential for capital appreciation; which objectives the Fund considers to be relatively equal, over the long-term, due to the nature of the securities in which it invests. Its shares are traded on the American Stock Exchange under the ticker symbol BCV.